Bharat Financial raises Rs250 crore via commercial papers
Mumbai: Bharat Financial Inclusion Ltd (formerly SKS Microfinance Ltd) on Tuesday raised Rs250 crore through an issue of commercial papers. Total amount of commercial papers outstanding as on date is Rs745 crore, the firm said in a BSE filing.
Commercial paper rates have declined close to 200 basis points in the past one year, making it an attractive route for companies to raise funds. One year commercial paper rate now stands at 7.34%, compared with 9.24% a year ago.
In September, the company raised Rs750 crore through a qualified institutional placement (QIP).
BFIL reported a net profit of Rs142.81 crore at the end of December quarter. Its gross loan portfolio stood at Rs8,531 crore. The company has presence across 18 states.